NCBA, Backed by Kenya’s Wealthiest Families, Commits $5 Million to Cybersecurity Investment

NCBA Bank, a subsidiary of NCBA Group, one of Kenya’s leading financial conglomerates controlled by some of the nation’s wealthiest families, has announced a significant investment of Ksh 644 million ($5 million) to enhance its cybersecurity infrastructure.

This strategic move highlights NCBA’s commitment to tackling the increasing cyber threats that have surfaced in the past year.

The funds will be used to fortify the bank’s firewalls and security systems, reflecting a growing trend across Kenya where organizations are boosting cybersecurity measures.

Surge in Cybersecurity Threats

Recent data from the Communications Authority of Kenya (CA) revealed a 16.5% increase in cybersecurity incidents between March and June 2024, with reported cases reaching 1.1 billion, up from 971.4 million during the same period in 2023.

The most targeted systems include operating systems, database servers, web applications, and network devices, with Internet Service Providers (ISPs) and cloud services facing the brunt of the attacks.

John Gachora, Managing Director of NCBA Bank, emphasized the bank’s proactive approach to combating these emerging threats.

“Cybersecurity is a critical concern for the entire banking sector.

This investment is essential for ensuring the protection of our systems and our clients’ data,” Gachora said.

Strengthening Operations and Expanding Reach

Headquartered in Nairobi, NCBA Group has expanded its footprint across East Africa, with operations in Tanzania, Uganda, Rwanda, and Côte d’Ivoire.

Formed in 2019 through the merger of NIC Bank Group and Commercial Bank of Africa, NCBA has become a key player in the region’s financial industry.

The Group is partially owned by influential Kenyan families, including the Kenyattas, Meralis, and Ndegwas.

NCBA continues to strengthen its position in Kenya, recently acquiring AIG Kenya Insurance Company Limited and launching trustee services to diversify its portfolio.

In the first quarter of 2024, NCBA reported a 4.65% year-on-year profit increase, totaling Ksh 5.3 billion ($40.1 million), underscoring its robust financial performance and growth trajectory in the region.